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Irish U2 Tower is put on hold

Plans to build the tallest building in Ireland -- with new recording studios for Irish supergroup U2 on top -- were suspended Friday because of Dublin's slumping property market and slide into recession.

The Dublin Docklands Development Authority said it remained committed to building the long-planned U2 Tower, but a souring economy at home and abroad meant the $250-million project must be shelved. It expressed hope of reopening negotiations with potential developers within 12 months.

The project shelving caps a six-year struggle and three rounds of architectural competition to build a U2 Tower.